Savings Between Cohorts: the Role of Planningby Annamaria Lusardi and Jason Beeler
WP 2006-122

Comparing Early Baby Boomers (EBB), age 51-56 in 2004, with the HRS cohort, age 51-56 in 1992, EBB have accumulated more wealth, but this largely because of housing inflation. Those with low education, low income, and non-white in the EBB have actually accumulated much less than the previous cohort.

The EBB are not more likely to plan for retirement despite increases in education efforts in the 1990s.

Effects of planning are the same for both cohorts:. Those who do not plan accumulate much less wealth.